Canada is one of the world’s wealthiest nations raking in the 11th spot in terms of economic status. Canada is a member of The Group of Eight, which is a forum of the world’s largest and most developed nations in terms of GDP and economy. Canada is in the trillion-dollar class with the country’s affluent industrial society. Canada’s market oriented system of economics, the country’s living standards and high living standards is said to highly resemble that of the United States’, only smaller in size. The country has transformed itself since World War II from a being a largely rural economy to the now industrial and urban status they have in present times.
Foreign trade is the foundation of Canada’s economy and United States is the country’s largest trade partner. Almost half or 45% to be exact, comprises the nation’s gross domestic product. Tariffs have been eliminated between Canada and the United States through free trade agreements to further increase their benefits with each other. In any given day, there are around US$1 billion worth of goods that pass through the US-Canadian border. Canada enjoys trade and economic integration with the United States as its principal trading partner. Each year, the United States absorbs about three-quarters of Canada’s trade surplus. Because of Canada’s abundant natural resources, modern plants, highly skilled labor force, the country continues to enjoy solid economic growth year after year in different sectors and industries. This makes them the United States’ largest foreign supplier electric power, oil, uranium, and energy.
Despite Canada’s relatively small population, its economy remains and continues to be one of the world’s strongest. Canadians, like most Americans, tend to have high levels of disposable income. Canadians are driven to spend excess wages on different goods and services. In turn, this causes higher demands in the market, which translates to more production and more jobs created to serve this demand.
The finance sector of Canada is one of the most sought after. Banks, finance and lending industries are growing bigger and bigger each year as the country’s economy keeps on prospering. Despite the good state of the economy, there are still some households that experience rough financial times. This really can’t be avoided all the time. In such cases, the finance sector has many different companies that cater to the needs of this market providing guaranteed loans to those that need it. Banks and other big finance companies do provide needed loans. There are however times when people need real quick access to cash and bank loan process won’t just cut it. This is where lending companies, especially those that specialize in bad credit loans, provide many types of loans like guaranteed loans so that people in need can apply quickly and get approved just as fast at the same time. There are even some companies that make their services available online to make it more accessible to their clients.
As Canada continues follow its prosperous economic path, it’s sure to only grow bigger and stronger each year.